CLR CLRP 201207230042A
CLOVER – WAGE NEGOTIATIONS SETTLEMENT
CLOVER INDUSTRIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2003/030429/06)
Ordinary Share code: CLR
ISIN: ZAE000152377
Preference Share Code: CLRP
ISIN: ZAE000152385
("Clover" or "the Company")
CLOVER – WAGE NEGOTIATIONS SETTLEMENT
Clover successfully completed wage negotiations, settling on a
8.5% wage increase and a minimum payroll increase of R360 per
month (representing a total 10.5% average increase for the lowest
paid worker).
The industrial actions lead by the Food & Allied Workers Union
(FAWU) resulted in disruptions that affected the processing of raw
milk and availability of some products mainly in Gauteng and Kwa-
Zulu Natal. Clover is working through the backlog to ensure the
restocking of these products is completed soonest.
Johann Vorster, Clover Chief Executive, said: “We are pleased to
have settled the wage dispute today. Clover is of the opinion that
the increase of 8.5% and a minimum payroll increase of R360 per
month constitutes a fair and reasonable settlement. We will now
continue to work closely with our suppliers, business partners,
customers and principals to restore a normal situation over the
next couple of days.”
Johannesburg
23 July 2012
Sponsor
RAND MERCHANT BANK (a division of FirstRand Bank Limited)
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